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ARTICLES Submitted 20.11.2010. Approved 08.06.2011 Evaluated in a double blind review Scientific Editor: Fernanda Finotti Perobelli KEY FACTORS IN WORKING CAPITAL MANAGEMENT IN THE BRAZILIAN MARKET FATORES DETERMINANTES DA GESTãO DO CAPITAL DE GIRO NO MERCADO BRASILEIRO FACTORES DETERMINANTES DE LA GESTIÓN DEL CAPITAL DE GIRO EN EL MERCADO BRASILEÑO ABSTRACT Many studies have been conducted in corporate fi- bilities. This paper provides insights regarding the key nance regarding long-term investment and financing factors of working capital management by exploring decisions. However, short-term asset investments play the internal variables of a number of companies. This a significant role in the balance sheet of companies. study used data from 2,976 Brazilian public companies Moreover, financial managers dedicate significant from 2001 to 2008, and found that debt level, size and amounts of time and effort to the subject of working growth rate can affect the working capital management capital management, balancing current assets and lia- of companies. KEYWORDS Working capital, financial management, panel data, Brazil, liquidity. Nathalie Vicente Nakamura Palombini npalombini@ Mestre em Administração de Empresas pelo Programa de Pós-Graduação em Administração de Empresas, Universidade Pres- biteriana Mackenzie – São Paulo – SP, Brasil Wilson Toshiro Nakamura wtnakamura